Of course, no-one likes to think that they or someone that they love might become seriously ill. However, according to statistics about a fifth of all adults in the UK will become critically ill before they reach retirement age. Critical Illness Cover allows people to protect themselves if the worst should happen by providing a financial safety net for them. What is Critical Illness Cover? Critical illness cover is an insurance product that pays out a tax free lump sum to policy holders who become seriously ill whilst they have cover in place. The Benefits of Critical Illness Cover Critical illness cover protects against a wide range of common illnesses that often result in victims becoming incapacitated. People who fall ill from these diseases frequently need expensive and on-going medical care. By taking out critical illness cover, you can ensure that you will be able to pay for the medical treatment that you will need if you become seriously ill. Furthermore, if you become seriously ill, chances are that you will not be able to work. By providing a lump sum benefit, critical illness insurance covers this potential loss of income so that you can still pay your general living expenses. This means that not only will you be able to provide for yourself in the event that you become critically ill, but you will also be able to ensure that your dependents are cared for. Critical illness insurance can also be taken out to cover your children. This means that you will be able to ensure your children get all the treatment and care they need if they become seriously ill. It also means that if you or your spouse has to take time off work to care for a seriously ill child, you will still be able to meet your living expenses. The real benefit of critical illness cover therefore is that it provides a financial safety net at a time when you might really need one. |
